Six Crypto Research Firms Identify Conditions Associated with Bitcoin Market Bottoms

Six major crypto research firms have identified conditions that historically precede Bitcoin market bottoms.

The firms, including CryptoQuant, K33, Glassnode, Bitfinex, and Grayscale, have pointed to accumulation, declining selling pressure, investor losses, and improving market structure as indicators of a potential bottom.

CryptoQuant has analyzed on-chain data showing that large investors are absorbing supply while smaller holders reduce their exposure. Whale balances in Bitcoin have increased since December 2025, with the largest cohorts accumulating coins when prices fell below $60,000 in June.

The firm's head of research, Julio Moreno, highlighted that major bear markets have approached or fallen below the realized price before establishing longer-term bottoms. Ethereum showed a stronger accumulation pattern, with larger wallet cohorts increasing their holdings while smaller holders reduced theirs.

K33 found historical patterns suggesting Bitcoin supply profitability may be signaling a bottom. The firm's data indicated more than half of Bitcoin's circulating supply had moved into an unrealized loss.